Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Cash Cowboy

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About Lender

Cash Cowboy is an online payday lender operating in select provinces of Canada, including BC, Alberta, and Ontario. The company offers short-term loans, allowing borrowers to access funds quickly and conveniently. With an entirely online application process, Cash Cowboy emphasizes ease of use, enabling individuals to apply for loans without the need for a traditional credit check. Once approved, funds can be disbursed promptly, often on the same day, providing a solution for those in need of immediate financial assistance.

While Cash Cowboy provides a streamlined borrowing experience, it's important for prospective borrowers to understand the associated costs and repayment terms. Payday loans, by nature, tend to come with high-interest rates and short repayment periods. Therefore, individuals considering a loan from Cash Cowboy should carefully evaluate their financial situation and assess whether they can comfortably repay the borrowed amount within the specified timeframe.

Cash Cowboy

Key Features

  1. Loan Amounts. Cash Cowboy offers payday loans ranging from $100 to $1,500, allowing borrowers flexibility in choosing a loan amount that suits their immediate financial needs.

  2. Repayment Flexibility. The repayment period extends up to 62 days, providing borrowers with a reasonable timeframe to settle their loans. Repayment can be made via e-Transfer, adding to the convenience.

  3. Provincial Availability. Cash Cowboy operates in British Columbia, Alberta, and Ontario, catering to residents in these provinces. However, individuals residing in other provinces or territories need to explore alternative lending options.

  4. Transparent Loan Costs. The lender adheres to provincial regulations by displaying payday lending license numbers and a breakdown of loan costs on its website, enhancing transparency in the borrowing process.

  5. No Credit Checks. Cash Cowboy's lending model doesn't necessitate a traditional credit check. Instead, the lender assesses borrowers based on their income, widening access for individuals with varying credit histories.

  6. Compliance and Licensing. Cash Cowboy is a licensed payday lender in British Columbia, Alberta, and Ontario, complying with the regulations of each province. This adds an element of legitimacy and consumer protection to the lending process.

Pros and Cons

Pros

Easy Application Process. Borrowers can apply for loans conveniently through an online platform, simplifying the borrowing process and saving time.

Quick Funding. Upon approval, Cash Cowboy aims to disburse funds promptly, often within the same day, catering to individuals in need of immediate financial assistance.

Transparent Loan Costs. The lender provides transparent information about loan costs, including interest rates and fees, ensuring borrowers are aware of the full cost of borrowing.

Cons

High Cost of Borrowing. Payday loans from Cash Cowboy come with high-interest rates and fees, making them an expensive form of borrowing. Borrowers should carefully consider the cost implications before taking out a loan.

Short Repayment Terms. Borrowers are required to repay their loans by their next payday, which may pose challenges for budgeting and financial planning, potentially leading to difficulties in repayment.

Limited Eligibility. Cash Cowboy requires borrowers to meet minimum eligibility requirements, including being 18 years or older and receiving a minimum monthly income of $500 from employment. This may exclude individuals who do not meet these criteria.

Reliability

Assessing the reliability of Cash Cowboy involves considering several factors, including its licensing and regulatory compliance in provinces such as British Columbia, Alberta, and Ontario. Cash Cowboy operates as a licensed payday lender in these regions, displaying transparency by providing license numbers and adhering to provincial lending regulations. However, it's noteworthy that comprehensive reviews or customer feedback on Cash Cowboy's services are relatively scarce, which may make it challenging for prospective borrowers to gauge the lender's reputation and reliability accurately. While licensing lends a level of credibility, potential borrowers may wish to conduct further research or seek recommendations before engaging with Cash Cowboy to ensure confidence in their lending experience.

How to Apply for a Cash Cowboy Loan?

  1. Check Eligibility. Before starting the application, ensure you meet the minimum eligibility requirements. Cash Cowboy requires applicants to be 18 years or older and receive a minimum monthly income of $500 from employment.

  2. Gather Necessary Information. Prepare the required information for the application, including personal details, contact information, employment information, and a digital copy of a valid government-issued photo ID (e.g., Driver's License, Passport).

  3. Start the Online Application. Follow the prompts to enter your personal information, including your name, address, contact details, and employment information.

  4. Loan Amount and Terms. Specify the desired loan amount within the offered range of $100 to $1,500. Consider your financial needs and repayment capabilities when determining the loan amount. Review and understand the loan terms, including the interest rates and repayment period.

  5. Bank Verification via SMS. Complete the bank verification process using SMS. Cash Cowboy streamlines this step, allowing applicants to verify their bank account details quickly, contributing to a faster application process.

  6. Wait for Approval. After submitting your application and completing the necessary verification steps, wait for Cash Cowboy to review and approve your loan. The lender indicates that approval usually takes 1-3 hours.

  7. Receive Funds. Upon approval, Cash Cowboy aims to disburse the loan amount promptly. In many cases, borrowers receive their funds via e-Transfer on the same day.

Conditions and Requirements

Conditions

  1. Loan Amounts. $100 to $1,500, with the specific amount determined based on up to 50% of the borrower's net income.

  2. Loan Term. Up to 62 days, providing a short-term borrowing solution.

  3. Interest Rates. British Columbia: $15 for every $100 borrowed, equivalent to an annual percentage rate (APR) of 391.07% for a 14-day loan. Ontario: $15 for every $100 borrowed, resulting in an APR of 391.07% for a 14-day loan. Alberta: $15 for every $100 borrowed, with an equivalent APR of 391.07% for a 14-day loan.

  4. Repayment Method. Loans are repaid via e-Transfer or by setting up a pre-authorized debit (PAD).

  5. Acceptable Income Type. Cash Cowboy exclusively accepts employment income for loan qualification.

  6. Digital Photo ID Requirement. Borrowers need to submit a digital copy of a valid government-issued photo ID, such as a Driver's License, Passport, Permanent Residence Card, Citizenship Card, Ontario ID Card, or BC Services Card.

  7. Provincial Availability. Cash Cowboy operates in British Columbia, Alberta, and Ontario, limiting its services to residents in these provinces.

  8. Contact Information. Borrowers can reach out to Cash Cowboy for assistance via phone and email.

Requirements

  1. Age. Applicants must be 18 years or older to qualify for a Cash Cowboy loan.

  2. Minimum Monthly Income. Borrowers need to receive a minimum monthly income of $500 from employment to be eligible for a loan.

  3. Digital Photo ID. A valid government-issued photo ID is required for the application process. Acceptable forms include a Driver's License, Passport, Permanent Residence Card, Citizenship Card, Ontario ID Card, or BC Services Card.

  4. Province of Residence. Cash Cowboy loans are available only to residents of British Columbia, Alberta, and Ontario.

Ways to Receive the Money

  1. E-Transfer. Upon loan approval, Cash Cowboy typically disburses funds to borrowers via e-Transfer. This method offers a quick and convenient way to receive the loan amount directly into the borrower's bank account.

  2. Direct Deposit. In some cases, borrowers may opt for direct deposit of funds into their bank account. This method provides a straightforward and secure transfer of funds without the need for additional steps.

Products

Payday Loans ($100 to $1,500 or 50% or borrower’s net-worth). Cash Cowboy specializes in offering payday loans to eligible borrowers, providing financial assistance tailored to short-term cash flow requirements. These loans are designed to address immediate financial needs and can be particularly useful for individuals facing unexpected expenses or temporary cash shortages.

Reasons for Getting Rejected for a Cash Cowboy Loan

  1. Insufficient Income. Cash Cowboy requires applicants to have a minimum monthly income of $500 from employment. Individuals failing to meet this income threshold may be rejected due to concerns about their ability to repay the loan.

  2. Inadequate Documentation. Failure to provide required documentation, such as a valid government-issued photo ID or proof of income, can lead to rejection of the loan application. Missing or incomplete documentation may hinder the lender's ability to verify the borrower's identity and financial stability.

  3. Poor Credit History. While Cash Cowboy does not conduct traditional credit checks, the lender may still assess the applicant's creditworthiness based on other factors. Applicants with a history of defaulted loans or bankruptcy may face rejection due to heightened risk concerns.

  4. Unstable Employment. Cash Cowboy typically requires applicants to be employed and receive a consistent income. Individuals with irregular employment history or unstable sources of income may be deemed ineligible for a loan.

  5. Provincial Ineligibility. Cash Cowboy operates in specific provinces, including British Columbia, Alberta, and Ontario. Applicants residing outside these provinces are ineligible for loans from Cash Cowboy and may face rejection based on geographical restrictions.

  6. Failure to Meet Age Requirements. Applicants must be at least 18 years old to qualify for a Cash Cowboy loan. Failure to meet this age requirement will result in automatic rejection of the loan application.

How to Repay a Cash Cowboy Loan?

  1. Loan Agreement Information. Upon approval of the loan, borrowers will receive a loan agreement outlining the repayment terms, including the amount borrowed, interest rates, repayment schedule, and payment methods.

  2. Set Up Repayment Method. Cash Cowboy offers convenient repayment options, including e-Transfer and pre-authorized debit (PAD). Borrowers can choose the method that best suits their preferences and financial situation.

  3. E-Transfer Repayment. Borrowers can initiate loan repayments by sending funds via Email Money Transfer (e-Transfer) using the information provided in the loan agreement. Ensure that the repayment amount matches the agreed-upon terms outlined in the loan agreement to avoid discrepancies.

  4. Pre-Authorized Debit (PAD). Alternatively, borrowers can opt to set up a pre-authorized debit (PAD) arrangement with Cash Cowboy. This allows the lender to automatically withdraw the agreed-upon repayment amount from the borrower's bank account on the scheduled due date.

  5. Timely Repayment. Adhere to the repayment schedule specified in the loan agreement to avoid late fees and potential negative impacts on credit scores.

  6. Early Repayment. If financially feasible, borrowers may choose to repay the loan before the scheduled due date to reduce interest charges and overall borrowing costs. Check with Cash Cowboy for any penalties or fees associated with early repayment.

  7. Communication. In case of financial difficulties or unforeseen circumstances impacting your ability to repay the loan, contact Cash Cowboy as soon as possible. The lender may offer options such as loan restructuring or repayment assistance to help borrowers manage their obligations effectively.

Alternatives

iCash 

iCash Payday Loan offers borrowing options ranging from $100 to $1,500, with repayment terms spanning from 7 to 62 days, varying by province. Operating in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, and Prince Edward Island, iCash facilitates quick loan approvals, with applications taking as little as 2 minutes when utilizing INTERAC e-Transfer®.

Cash Money 

Cash Money Payday Loan provides borrowers with access to loans ranging from $100 to $1,500, with repayment durations spanning from 5 to 40 days, contingent on provincial regulations. Serving customers in British Columbia, Manitoba, Newfoundland and Labrador, Nova Scotia, Ontario, and Saskatchewan, Cash Money offers swift loan processing, with funds potentially available in as little as 15 minutes via INTERAC e-Transfer®.

Mr. Payday

Mr. Payday offers varying loan amounts up to $1,500, with repayment terms extending up to 62 days, tailored to provincial regulations. With a commitment to fast approval and no credit checks, Mr. Payday operates in multiple provinces, providing accessible financial solutions to eligible borrowers seeking short-term loans.

PAY2DAY

PAY2DAY provides borrowers with loan amounts ranging from $300 to $1,500, subject to provincial regulations, with repayment terms extending up to 62 days. Offering 24/7 approval and e-Transfer services, PAY2DAY operates with no credit checks, catering to the financial needs of individuals in select provinces.

Editorial Opinion

In evaluating Cash Cowboy's services, it is important to acknowledge the convenience and accessibility they offer through their online payday loan platform. Their streamlined application process and quick funding turnaround may provide relief to individuals facing urgent financial needs. However, it is crucial for borrowers to exercise caution and fully understand the high cost of borrowing associated with payday loans. While Cash Cowboy aims to provide short-term financial solutions, the significant interest rates and short repayment terms underscore the importance of responsible borrowing and thorough consideration of alternative financial options.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

Sources

FAQ

How much can you borrow from Cash Cowboy?

Cash Cowboy offers payday loans ranging from $100 to $1,500, with the specific loan amount determined based on up to 50% of the borrower's net income. This flexible loan range allows borrowers to access funds tailored to their individual financial needs, providing a short-term solution for unexpected expenses or temporary cash shortages. However, borrowers should carefully consider their borrowing requirements and repayment capabilities before selecting a loan amount to ensure responsible financial management.

Does Cash Cowboy approve everyone?

While Cash Cowboy provides accessible lending options with no traditional credit checks, approval for a loan is not guaranteed for every applicant. Cash Cowboy sets minimum eligibility criteria, including age requirements (applicants must be 18 years or older) and a minimum monthly income threshold of $500 from employment. Additionally, applicants must provide necessary documentation, such as a valid government-issued photo ID and proof of income, for verification purposes. While Cash Cowboy aims to accommodate a wide range of borrowers, approval is contingent upon meeting these eligibility requirements and passing the lender's assessment of creditworthiness and financial stability.

Is Cash Cowboy a legitimate company?

Cash Cowboy operates as a licensed payday lender in British Columbia, Alberta, and Ontario, as evidenced by its inclusion in the government databases of each province and the display of payday lending license numbers on its website. These licensing arrangements suggest that Cash Cowboy complies with provincial regulations governing payday lending. Additionally, the company provides transparency regarding loan costs and repayment terms, further indicating a commitment to legitimacy. However, due to the limited availability of comprehensive reviews or customer feedback on Cash Cowboy's services, potential borrowers may find it challenging to assess the company's reputation accurately. Therefore, while Cash Cowboy holds the necessary licensing credentials, individuals may consider conducting further research or seeking recommendations to ascertain the legitimacy and reliability of the company.

Is Cash Cowboy a good lender?

Determining whether Cash Cowboy is a "good" lender depends on various factors, including individual financial circumstances and borrowing needs. Cash Cowboy offers convenient access to short-term payday loans with a streamlined online application process and quick funding turnaround, which may be beneficial for individuals facing urgent financial situations. However, it's important to consider the high cost of borrowing associated with payday loans, as Cash Cowboy charges significant interest rates that translate to a high annual percentage rate (APR). Prospective borrowers should carefully assess their ability to repay the loan within the short repayment period and explore alternative lending options, if available, before committing to a loan with Cash Cowboy. Additionally, ensuring full transparency and adherence to regulatory requirements are essential aspects in evaluating the credibility and trustworthiness of any lending institution.

Company documents

Privacy Policy
Terms and Conditions

At Cash Cowboy, we know your request for a payday loan is just a lay-by on your journey to bigger things. 

© Cash Cowboy
Financial products
Cash Cowboy
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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